Colliers International’s independent research reveals the nation’s top regional anticipated ‘winners’ for the retail industry when the new rateable values are introduced on 1 April 2017, resulting in a substantial shift for the industry.
Southport is amongst the top 20 towns across the UK to benefit from the new rateable values, with an expected reduction in business rates of 41 per cent.
Other towns in the North West to benefit from reduced values include Rochdale (-40.20%), Crewe (-37.90%), Stockport (-35.41%), Ashton-under-Lyne (-35.41%), Oldham (-33.36%), Stretford (-32.30%), Barrow-in-Furness (-31.11%), Northwich (-29.41%), Warrington (-16.82%) and Manchester City (-17%).
In Merseyside, the top towns to benefit from reduced rateable values in retail include Southport (-41%), St Helens (-38%), Birkenhead (-36%), Bootle (-29%), Liverpool (-17%) and Ellesmere Port (-10%).
Colliers’ comprehensive research examines 421 centres surveyed by the company and compares the results with the Valuation Office Agency (VOA’s) current values. These findings are based on the prime locations in these retail centres.
Top 20 Retail Towns to benefit from the 2017 Revaluation include:
Adam Burke, Director in Colliers International’s Manchester Rating team, commented, “The regional retailers are finally seeing relief on the horizon from the values taken on 1 April 2015 coming into effect on 1 April 2017.
“The huge swing in values is due to the Government postponing the revaluation, which was meant to commence this year, so instead of having a five year cycle we now have a seven year cycle. This long delay in revaluation is like stretching a rubber band, which when it snaps has a significant impact. The effect is evident that we need shorter revaluation cycles, perhaps of about three years, in order to capture the rapidly changes relative values.”
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Top 10 London areas where rateable values are anticipated to decrease include Ealing (-46%), Ilford (-38%), Enfield (-35%), Harrow (-34%), Barking (-30%), Sutton (-19%), Fleet Street (-13%), Tottenham Court Road (-12%), Hounslow (-10%) and Bexleyheath (-5%).
The Southeast*, excluding London, also showed rateable value decreases in Dover (-41%), Gravesend (-35%), Worthing (-32%), Fareham (-28%) and Chatham (-24%).
Wales’ top 10 towns to benefit from reduced rateable values in retail include Newport (-80%), Port Talbot (-64%), Neath (-56%), Pontypridd (-44%), Llanelli (-42%), Bridgend (-40%), Llandudno (-40%), Merthyr Tydfil (-34%), Haverfordwest (-28%) and Wrexham (-28%).
The South West the top 10 towns to benefit from reduced rateable values in retail include Torquay (-45%), Gloucester (-39%), Yeovil (-34%), Bournemouth (-30%), Swindon (-28%), St Austell (-28%), Weston-Super-Mare (-28%), Taunton (-25%), Penzance (-22%) and Christchurch (-18/%).
West Midlands’ top 10 towns to benefit from reduced rateable values in retail include Tamworth (-56%), Kidderminster (-42%), Bromsgrove (-42%), Northfield (-34%), Kings Heath (-34%), Halesowen (-1%), Rugby (-31%), Newcastle-under-Lyme (-22%), Nuneaton (-21%) and West Bromwich (-19%).
In Yorkshire Humberside, the top towns to benefit from reduced rateable values in retail include Dewsbury (-43%), Scunthorpe (-41%), Keighley (-40%), Sheffield (-24%), Bradford (-23%), Rotherham (-19%) and Grimsby (-17%).
North East’s top 10 towns to benefit from reduced rateable values in retail include Stockton-on-Tees (-42.04%), South Shields (-41.28%), Redcar (-38.49%), North Shields (-37.21%), Middlesbrough (-36.90%), Whitley Bay (-36.68%), Hartlepool (-34.91%), Peterlee (-33.76%), Newcastle Upon Tyne (-24.65%) and Berwick-upon-Tweed (-15.75%).
In the Eastern* region, the top towns to benefit from reduced rateable values in retail include Lowestoft (-40.61%), Hemel Hempstead (-39.45%), Southend-on-Sea (-39.16%), Waltham Cross (-37.21%), Great Yarmouth (-35.41%), Stevenage (-33.82%), Kings Lynn (-25.76%) and Dunstable (-24.90%).
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*Regions are defined as per Government’s standard geographical regions.
Eastern Region: Essex, Hertfordshire, Suffolk, Norfolk, Bedfordshire and Cambridgeshire
Southeastern Region: Kent, Sussex, Surrey, Hampshire, Buckinghamshire and Oxfordshire.